The controversial articles banning reporting on debt should be deleted from the proposed amendments to the Capital Market Law, sources familiar with the matter confirmed to Vijesti.
The Ministry of Finance, which is the official proponent of amendments to this law, will do this after the European Commission requested an explanation regarding this issue.
These amendments will be discussed today at the session of the Legislative and Economic Committees of the Parliament of Montenegro.
Yesterday, Civis MP Maja Vučelić submitted amendments to the parliamentary procedure proposing the deletion of controversial articles. The Ministry of Finance is also expected to comment on these articles.
Vučelić proposed with an amendment that Article 45 be deleted.
"The draft law on amendments to the Law on the Capital Market proposes a ban on prescribing the publication of data and estimates regarding government securities from the moment of preparation of the issue until the moment of the official announcement by the Ministry of Finance on the conclusion of the procedure for issuing government securities.
In the European Union, regulations on the protection of inside information are in force, as defined in Regulation (EU) No. 596/2014 of 16 April 2014 on market abuse and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC.
"Given that Montenegro is in the phase of provisional closure of negotiating Chapter 9, within which the obligation to implement Regulation 596/2014 is imposed, as well as the European Commission's request to postpone the issue of prescribing a ban on the publication of information on the issuance of government securities, in accordance with Regulation 596/2014, to a later phase of the negotiation process, it is proposed to delete this article," is the justification for this amendment.
She also proposed deleting Article 128, which provided for a penalty policy for publishing information about borrowing.
"Article 407a proposes a fine for a violation of a legal or natural person who, from the moment of preparation of the issue of government debt securities until the moment of the official announcement of the state administration body responsible for financial affairs on the conclusion of the procedure for the issue of government debt securities, publishes material information and other data in the media and at public gatherings, the publication of which could affect the willingness of potential investors to purchase government debt securities. Bearing in mind that the deletion of Articles 92a and 93b has already been proposed, it is necessary to delete this article as well," the amendment explains.
On May 28, Vijesti announced that the Government, in its proposal for amendments to the Capital Market Law, without a public debate, added two articles that prohibit the publication of information, data and estimates related to the issuance of government securities by which the state borrows, as well as other data from the moment of preparation to the conclusion of the issuance, the publication of which "could affect the willingness of potential investors to purchase government debt securities."
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